Your Local Real Estate Update!

As we wrap up yet another glorious summer and enter a fall full of unknowns, we wish you and your family the absolute best.

It seems we are dealing with a new world of normal which will means many families will have to adapt new practices and habits in their daily routines.

From what we can see in our community, most have adjusted well. This means masks in public places, some extra wait times, some advanced scheduling in addition to plenty of safety measures. With extra care and respect it does seem that we can get back to some form of normality again and realize all that is great in our community.

From a Real Estate front, the Centre Wellington market continues to hold strength as a significant Seller’s market.

The stats below are for all properties sold including commercial, residential, condo and rural property sales.

Comparing August 2019 to 2020. There was 31 sales in 2019 compared to 58 last month.Our average sale price for August of 2019 was $591K which has grown to an astonishing $705K last month.

Our days on market for listings have dropped from an average of 25 days in 2019 to just 10 days last month.

It is a clear Seller’s market.

Often times when listing a home today, we choose  listing strategy with the Seller that will allow their home to be shown for up to a week prior to looking at offers. Perhaps we request 48 hours to review any offers? They can also choose their desired closing date and often receive several offers over asking price with few or no conditions at all.          

For example, last week we had a starter home list at $499,900. We entertained over 35 showings and over 10 groups at a public open house. We withheld offers for 6 days and received 11 offers. 6 of these offers were from GTA Buyers. We accepted an offer which was conditional upon the Buyer obtaining financing for 5 days and the property sold at $570K….that is just over $70K over asking price.

We had another great listing at $549,900. Again we had over 35 showings and an open house with over 15 Buyer groups. We obtained 4 overs and the home sold $75K over asking price at $625K.

This is a Seller’s market unlike anything we have ever experienced.

Does this have you thinking what your home may be worth today?

Do you know someone that may be thinking about taking advantage of this Seller’s market?

Please let us know and we can arrange a short discussion about the market and your home to determine whether this may be the right time for you to make a move?

From a Buyers perspective this is a challenging time.

One must be well prepared and know their financial limitations.We may also choose to do a pre-inspection of a home in order to be able to offer without an inspection condition.

We must also consider the number of other offers as well as the Buyer Realtors in order to better understand what you may need to do as a Buyer in order to be successful in a multiple offer scenario.We know our local stats and have been successful with our Buyers securing home purchases that fulfill our Buyer clients dreams!

There is no time more important to have the right Realtor in your corner.

If you have any questions at all about the market, please don’t hesitate to reach out. We are your local source for anything Real Estate and look forward to hearing from you.

All the best!